The funding injection, led by funding syndicate Kelvin Capital, will speed up the manufacturing of items from FreeFlow Technologies’ (FFT) manufacturing line in 2022, able to be bought into the fast-growing e-bike sector.
Chaired by Martin McCourt, former world chief govt of Dyson, the enterprise accomplished a earlier funding spherical in November 2020, securing £1.85m, which noticed the firm transfer to new headquarters and analysis and improvement (R&D) facility in East Kilbride and including senior technical positions and meeting engineers. The firm additionally raised £1.8m in October 2018.
The newest funding, which was additionally supported by Equity Gap, Scottish Enterprise and plenty of non-public people, will see extra workers recruited throughout electrical and software program engineering, course of engineering and design.
More than 70 biking manufacturers are stated to have FFT’s digital transmission system unit on their radar for integration into their e-bike ranges.
FFT’s patented transmission system is extra lightweight and compact, with the motor and battery simply assembled into the bicycle body relatively than an outsized attachment as is frequent with present electric bikes. The system additionally connects the impartial bike retailers all over the world to FFT because the unit might be serviced in retailer.
The firm, based in 2012 in Glasgow by e-bike innovator Neil MacMartin following 15 years in his household bike enterprise, has a senior administration workforce made up of specialists in design, improvement, monetary planning and biking trade specialists.
McCourt stated: “FreeFlow Technology will soon be on sale, incorporated into a number of leading bike brands, and we are thrilled to have had such enthusiastic support from our existing investors as well as several new ones.”
David Hemming, managing director of FFT, stated: “Despite the impact of Covid on societies around the world over the last two years, the demand and adoption of e-bikes continues to grow significantly, which is being reflected in the number of cycle manufacturers reaching out to us.
“One of the major appeals of the FreeFlow system for e-bike designers is that it is very much ‘plug and play’ and can work in harmony with a brand’s existing battery or switch suppliers. It has also been commented that it makes an e-bike look and feel like a normal bike which is a big attraction for consumers.”
John McNicol from Kelvin Capital stated: “The rise in the number of people taking to cycling and e-biking was already rising before the impact of Covid and that has increased significantly in the last two years.
“The impressive progress made by FreeFlow Technologies to move to production, its increasing reputation in the global cycling sector and its impressive management team means that Kelvin Capital is delighted to continue to back the business.”
Scottish Enterprise director of development investments Kerry Sharp added: “Scottish Enterprise is proud to have supported Freeflow’s growth journey as it moves from development phase into manufacturing of its e-bike transmission system technology which it aims to supply to major brand e-bike manufacturers from its base in East Kilbride.”
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